Brent crude futures fell 82 cents, or 1.1 percent, to settle at $74.73 a barrel.
"The trade tensions and overall global market concerns are what's holding crude back today", said Bill Baruch, president of Blue Line Futures in Chicago. The figures are followed with Wednesday's release of U.S. Energy Information Administration figures on oil and refined product stocks. While OPEC did indeed announce the expected decision, oil prices jumped and they look unlikely to trend downward any time soon for drivers. Exactly how much of an increase we will see remains unclear, but the very fact that the production jump will be smaller than traders had hoped for has been enough to send prices spiking. Traders expect this to reduce crude flows to Cushing, Oklahoma, delivery point of the USA crude futures contract. In post-settlement trading, where volumes are small, Brent extended gains to $76.61 a barrel, while USA crude rose to $70.76 a barrel. The spread was as wide as $11.57 on June 1, but had started contracting ahead of OPEC's expected supply increase, analysts said.
On Friday, the Organization of the Petroleum Exporting Countries and its allies agreed to modestly boost global crude supplies.
The International Energy Agency (IEA) had in projection of India's oil demand reaching 458 million tonnes by 2040 had factored in an oil price of Dollars 83 per barrel by 2025 and USD 130 by 2040, sources said adding India is a price sensitive market and if the oil prices had continued to rise at the rate they were rising in May, the demand would certainly have been impacted.
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An oil pump is seen operating in the Permian Basin near Midland, Texas, U.S. on May 3, 2017.
The bank says the outage of an oilsands facility in Canada could lead to a shortage in North America for all of July and shrink stockpiles at the main US storage hub in Cushing, Oklahoma.
U.S. Secretary of Energy Rick Perry testifies to the House Energy and Commerce Committee on the "Fiscal Year 2019 Department of Energy Budget" on Capitol Hill in Washington, U.S., April 12, 2018.
"Obviously we've got a market that is stressed from a standpoint of supply", Perry told reporters.